PSE Index Declines Anew as Investors Reposition Ahead of Mynt IPO

The Philippine Stock Exchange (PSE) index declined for a third consecutive session on Wednesday, with brokers attributing some of the selling to investor repositioning ahead of the planned initial public offering of Mynt Inc., the parent company of GCash.

The Philippine Stock Exchange (PSE) Index, September 23, 2026

The benchmark PSEi fell 19.42 points, or 0.33%, to 5,795.14, closing at its intraday low. The index opened at 5,826.48 and reached an intraday high of 5,842.03. The PSEi's close was its lowest since May 29, when it ended at 5,768.76.

The broader All Shares index also declined, falling 6.91 points, or 0.21%, to 3,246.44.

Brokers said some investors were liquidating positions in preparation for the Mynt IPO, which is expected to become the largest public offering in PSE history if completed at the maximum offer size.

The PSE has approved Mynt's offering of up to 8.03 billion common shares, consisting of up to 1.61 billion primary shares and 6.42 billion secondary shares.

An additional 1.20 billion secondary shares may be offered through an overallotment option.

The shares will be offered at a maximum price of ₱10 each, implying gross proceeds of up to about ₱80.3 billion before any overallotment.

The final offer price is scheduled to be determined on Oct. 1 after the book-building process. The public offer is set for Oct. 6 to 12, with a tentative listing date of Oct. 20 under the ticker GCASH.

Among the sectoral indices, property was the only gainer, advancing 0.45%.

SM Prime Holdings rose 0.87% to ₱16.24, while Ayala Land declined 0.40% to ₱15.06. Ayala Corp. fell 1.02% to ₱485. Other individual gainers included Atlas Mining, which rose 0.24% to ₱21, and Universal Robina Corp., which advanced 1.38% to ₱98.95.

Financials fell 0.11%, industrials declined 0.02%, holding firms lost 0.49%, services dropped 0.74% and mining and oil declined 0.57%.

SM Investments Corp. was among the day's heavily traded stocks, falling 1.75% to ₱504.50. Trading in SM shares was worth about ₱4.6 billion, according to market data.

Market turnover reached ₱8.89 billion, with 839.56 million shares changing hands.

Decliners outnumbered advancers, 105 to 77, while 62 issues were unchanged.

Foreign investors recorded net selling of about ₱1.04 billion, based on foreign buying of approximately ₱1.98 billion against foreign selling of about ₱3.02 billion, according to the trading figures provided.

The decline came amid continued investor caution over geopolitical risks and expectations surrounding U.S. monetary policy. Analysts have also pointed to the upcoming Mynt offering as a factor that could encourage investors to raise cash or rebalance portfolios ahead of the IPO.